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London’s AIM Index was buoyed in early trade in the wake of that “could have been worse” news from the Fed last night, but gains have been eclipsed by those seen on the main board. At 2.30pm the junior market is back above that psychologically significant level, up almost six points at 1004.50

  • UK Oil & Gas +45%
  • Petrel Resources +33%
  • Baron Oil +20%
  • Vast Resources -20%
  • Sportech -20%

UK Oil & Gas [LON:UKOG] is topping the board, some 43% ahead at copy time after it advised the market this morning it had received the full environmental permit for its Horse Hill project. At one point gains were closer to 100% and longer term shareholders will be hoping this marks a change of fortune for their investments.

Petrel Resources [LON:PET] also advanced well, adding 33% at 2.30pm. There’s just speculation here for now, but obviously attempts to move away from Russian energy reliance hold great potential, especially given the recently resolved dispute with former shareholders. One to watch?

A notable mention for Baron Oil, [LON:BOIL] up 20% at the time of writing. Shares have jumped higher for a second day with some lumpy orders being seen, but no apparent news.

The day’s biggest faller is Vast Resources [LON:VAST], giving back a little of those bumper gains we saw accrued on Tuesday. By 2.30pm, volumes are however well down on levels seen in recent days and the spread remains wide. It’s certainly notable that the profit taking didn’t kick in yesterday. Shares sit 20% lower.

Also struggling was Sportech [LON:SPO], although the decline here can be explained away by a capital distribution to shareholders having today as the record date. Discounting this, the stock remains slightly onside, shedding 20% by 2.30pm.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Tony Cross

Tony Cross

Tony Cross is a market commentator with over 15 years of experience, producing compelling, insightful copy for journalists and investors alike. Focusing on macroeconomics, UK blue chip equities and inter market analysis, Cross's commentary is well regarded for its clarity and ability to cut through the waffle. He has been quoted in publications as diverse as The Financial Times, The Times, The Guardian and The Sun. He has also been a regular guest on both Share Radio and TipTV.

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